OPEC +’s decision to increase production output has softened oil prices, contributing to reducing pressure on commodity prices in general…
New York Arabica chart July 2022 session on June 2, 2022
Ending the session opening late alone, the price of Arabica coffee on the ICE US floor – New York adjusted down. The July spot futures fell 1.20 cents to 238.25 cents/lb and the September futures fell 1.15 cents to 238.25 cents/lb, significant losses. Trading volume remained very high above average.
Meanwhile, ICE Europe – London is closed for Spring Bank Day holiday (Spring bank holiday)no transaction.
The price of green coffee beans in the Central Highlands provinces remained unchanged, still fluctuating in the range of 41,600 – 42,100 VND/kg.
Arabica coffee prices in New York fell slightly as investors took short-term profits after prices rose to a 13-week high on fears of adverse weather in Brazil’s main coffee-growing regions.
The USDX bounced back slightly reflecting the Chinese government’s expectations to stimulate the economy and increase oil production. The Organization of the Petroleum Exporting Countries (OPEC) and its allies led by Russia, known as OPEC+, decided to increase production by 648,000 bpd as agreed at their meeting last July, supply has gradually increased after the cuts because of the pandemic. OPEC+ has also scheduled its next meeting for June 30, 2022.
The possibility that the Fed will raise the basic interest rate to prevent inflation from slowing down the world economy is certain. Speculators across markets fear higher risks when the Fed “Eagle” than predicted. The increase in oil production will help ease the cost of moving goods and contribute to reversing the already high level of global inflation, which causes emerging currencies to continuously depreciate in value, making the main producer in the world still strongly sell coffee when they are profitable.
Meanwhile, the selling pressure of the new crop being harvested from the main coffee producing countries remains intact.
Notify:
– Friday, June 3. The City of London is closed for the Platinum Jubie holiday, celebrating 70 years of the Queen’s reign, closed all day without trading. New York market is open late, after 6:30 pm.
English (giacaphe.com)
